Investment Rating - The investment rating for the company is "Accumulate" [2][12] Core Views - The company's performance is in line with expectations, with core product Yisaipu showing gradual impacts from centralized procurement, while Saiputing and Jianipai continue to achieve high growth. The clinical pipeline is progressing steadily, with the IL-17 monoclonal antibody expected to submit its NDA in Q4 2024 [3][9] Financial Summary - For the first three quarters of 2024, the company reported revenue of 939 million yuan (+28.6%) and a net profit attributable to shareholders of 233 million yuan (+42.2%). In Q3 alone, revenue was 343 million yuan (+35.6%) and net profit was 104 million yuan (+49.7%) [9][10] - The revenue from core products for Q1-Q3 2024 was 778 million yuan (+19.3%), with Yisaipu revenue at 480 million yuan (+5.9%), Saiputing at 260 million yuan (+53.5%), and Jianipai at 40 million yuan (+30.2%) [9][10] - The sales expense ratio decreased significantly to 16.4% in Q3 2024, while R&D investment increased by 54.1% year-on-year to 350 million yuan [9][10] Clinical Pipeline - The clinical progress of the core pipeline is advancing faster than expected, with the IL-17 monoclonal antibody (608) completing its Phase III trial for psoriasis and expected to submit its NDA in Q4 2024. Other candidates are also progressing through various clinical phases [9][10] Valuation - The absolute valuation of the company indicates a reasonable equity value of 19.023 billion yuan, corresponding to a target price of 30.84 yuan per share [12][14]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 25.94 [7] Core Views - The company has demonstrated strong revenue growth, with Q3 2024 revenue reaching RMB 343 million, a year-on-year increase of 35.60% and a quarter-on-quarter increase of 3.96% [1] - The company is positioned as a leader in the domestic autoimmune drug market, supported by a robust R&D system and continuous innovation capabilities, which enhances its competitive edge [1] - The company has received dividends from its associate company Numab amounting to USD 6.242 million, which is expected to significantly boost profits [2][8] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of RMB 939 million, a year-on-year increase of 28.58%, and a net profit attributable to the parent company of RMB 233 million, up 42.18% year-on-year [1] - The company’s product revenue for the first three quarters of 2024 was RMB 770 million, reflecting a 19.4% year-on-year growth [2] Clinical Development - The company has efficiently advanced its clinical trials, having nearly completed its original 2024 progress expectations by Q3 2024 [3] - Key clinical milestones include the completion of the Phase III trial for IL-17A in moderate to severe psoriasis, which is expected to file for NDA within 2024 [3] R&D Investment - As of Q3 2024, the company holds cash reserves of RMB 3.25 billion, providing ample resources for future R&D investments [4] - The company has maintained a high level of R&D investment, with RMB 350 million spent in the first three quarters of 2024, representing a 54.1% year-on-year increase [4] Profit Forecast and Valuation - The profit forecast has been adjusted upwards, with expected net profits for 2024-2026 at RMB 730 million, RMB 320 million, and RMB 338 million respectively [5][8] - The target market capitalization for 2025 is set at RMB 16 billion, reflecting the company's innovative pipeline and strong commercialization capabilities in the autoimmune sector [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved steady growth in sales of its listed products, with a revenue of 939 million yuan for the first three quarters of 2024, representing a year-on-year increase of 28.58%. The net profit attributable to the parent company reached 233 million yuan, up 42.18% year-on-year [3] - The company has a robust pipeline with 14 autoimmune projects underway, including 5 in Phase III clinical trials. The SLE new project has received IND approval in the US, indicating strong future growth potential [5] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 343 million yuan, a year-on-year increase of 35.60% and a quarter-on-quarter increase of 3.96%. The net profit attributable to the parent company was 104 million yuan, up 49.71% year-on-year and 169.69% quarter-on-quarter [3] - The company has adjusted its revenue forecasts for 2024-2026, now expecting revenues of 1.305 billion, 1.398 billion, and 1.706 billion yuan respectively, with net profits of 700 million, 290 million, and 395 million yuan [3][6] Product Performance - The company currently has three listed products: Yisaipu, Saiputing, and Jianipai, which have shown strong market performance. The total revenue from these products for the first three quarters of 2024 was approximately 778 million yuan, a year-on-year increase of 19.34% [4] - Yisaipu's domestic sales revenue for H1 2024 was 330 million yuan, reflecting a year-on-year growth of 9.4%. The pre-filled syringe formulation has improved patient compliance and acceptance [4] Research and Development - The company is advancing its clinical projects, with SSGJ-608 for moderate to severe plaque psoriasis completing Phase III trials and expected to file for NDA in H2 2024. Additionally, SSGJ-626 targeting SLE has received IND approval in the US [5]

Financial Performance - The company's revenue for Q3 2024 reached RMB 342.78 million, representing a year-on-year increase of 35.60%[3] - Net profit attributable to shareholders for Q3 2024 was RMB 103.54 million, up 49.71% compared to the same period last year[3] - The basic earnings per share for Q3 2024 was RMB 0.17, reflecting a growth of 54.55% year-on-year[3] - The company achieved a net profit of RMB 233.05 million for the first three quarters of 2024, a year-on-year increase of 42.18%[8] - Total operating revenue for the first three quarters of 2024 reached ¥93,940.46 million, a 28.5% increase from ¥73,060.43 million in the same period of 2023[20] - Operating profit for the first three quarters of 2024 was ¥26,165.57 million, an increase of 50.0% from ¥17,442.02 million in 2023[22] - The total profit for Q3 2024 was CNY 24,476.71 million, compared to CNY 16,925.91 million in Q3 2023, representing a significant increase[23] - The net profit attributable to shareholders of the parent company was CNY 23,304.89 million, up from CNY 16,391.61 million in the same period last year, indicating a growth of approximately 42.3%[23] - Basic and diluted earnings per share for Q3 2024 were both CNY 0.38, compared to CNY 0.27 in Q3 2023, reflecting a 40.7% increase[24] Research and Development - R&D investment totaled RMB 145.39 million in Q3 2024, a significant increase of 124.13% year-on-year, accounting for 42.41% of revenue[4] - The R&D expense ratio remained at a healthy level, with R&D expenses increasing by 41.50% year-on-year[8] - Research and development expenses increased to ¥25,420.49 million in the first three quarters of 2024, compared to ¥17,964.89 million in 2023, reflecting a significant investment in innovation[22] - The company is committed to continuous innovation in drug development to ensure a pipeline of commercially viable products[14] Cash Flow and Assets - The company reported a net cash flow from operating activities of RMB 182.69 million for the year-to-date, down 37.61% year-on-year[4] - Cash flow from operating activities for the first three quarters of 2024 was CNY 18,268.92 million, down from CNY 29,283.24 million in the same period of 2023, showing a decline of 37.6%[25] - Cash and cash equivalents decreased to ¥52,584.84 million as of September 30, 2024, down from ¥93,326.37 million at the end of 2023[16] - Cash and cash equivalents at the end of Q3 2024 were CNY 40,505.45 million, down from CNY 109,105.01 million at the end of Q3 2023, a decrease of approximately 62.9%[26] - Accounts receivable rose to ¥23,688.22 million, a 82.6% increase from ¥12,976.21 million at the end of 2023[16] - Non-current assets totaled ¥324,755.17 million as of September 30, 2024, compared to ¥305,522.12 million at the end of 2023[18] - The company's total assets reached ¥591,794.86 million, compared to ¥530,502.95 million at the end of 2023[19] - The company's retained earnings increased to ¥185,984.53 million as of September 30, 2024, up from ¥167,798.96 million at the end of 2023[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 10,730, with the largest shareholder, Fuhua Pharmaceutical Co., Ltd., holding 221,518,988 shares, accounting for 35.92% of the total[12] - Shanghai Xingsheng Pharmaceutical Co., Ltd. is the second-largest shareholder with 212,658,228 shares, representing 34.48%[12] - The top ten shareholders collectively hold a significant portion of the company's shares, with the smallest among them, Shanghai Hongshang Investment Consulting Co., Ltd., holding 3,717,472 shares, or 0.60%[12] - The total number of preferred shareholders with restored voting rights at the end of the reporting period is zero, indicating no limitations on shareholder voting[12] - The company has not engaged in any share lending or borrowing activities during the reporting period, maintaining a stable shareholder structure[14] Risks and Challenges - The company faces risks in innovative drug development due to long R&D cycles, high investment, and intense market competition, which could adversely affect its growth and profitability[14] - Increased R&D expenditures may lead to losses if the sales growth of core products does not meet expectations, as ongoing projects require substantial upfront investment[14] - The expansion of drug procurement policies may introduce uncertainty in revenue growth, particularly affecting the sales of key products like Yisai Pu[14] - Legal disputes and regulatory scrutiny in the biopharmaceutical industry pose risks that could impact the company's operations and financial standing[14] Accounting and Reporting Changes - The company has implemented new accounting standards starting from 2024, which may affect the financial reporting going forward[27]

证券代码：688336 证券简称：三生国健 公告编号：2024-044 三生国健药业（上海）股份有限公司 2024 年半年度权益分派实施公告 本次利润分配方案经三生国健药业（上海）股份有限公司（以下简 称"公司"）2024 年 9 月 9 日的 2024 年第三次临时股东大会审议通过。 是否涉及差异化分红送转：否 每股分配比例 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 每股现金红利 0.033 元 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/9/26 | 2024/9/27 | 2024/9/27 | 一、 通过分配方案的股东大会届次和日期 二、 分配方案 1. 发放年度：2024 年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算上海分公司"）登记 在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 616,785,7 ...

证券代码： 688336 证券简称：三生国健 公告编号：2024-043 三生国健药业（上海）股份有限公司 关于董事会、监事会完成换届选举及聘任高级管理 人员、证券事务代表的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 三生国健药业(上海)股份有限公司（以下简称"公司"）于 2024 年 9 月 6 日和 9 月 9 日分别召开职工代表大会和 2024 年第三次临时 股东大会，分别选举产生了第五届监事会职工代表监事和第五届董事 会董事、第五届监事会非职工代表监事，任期自股东大会审议通过之 日起三年。 2024 年 9 月 9 日，公司召开了第五届董事会第一次会议，审议 通过了《关于选举公司第五届董事会董事长的议案》、《关于选举公 司第五届董事会各专门委员会委员的议案》、《关于聘任公司总经理 的议案》、《关于聘任公司董事会秘书的议案》、《关于聘任公司财 务负责人的议案》及《关于聘任公司证券事务代表的议案》。同日， 公司召开了第五届监事会第一次会议，审议通过了《关于选举公司第 五届监事会主席的议案》。现将具体情况公告如 ...

证券代码：688336 证券简称：三生国健 公告编号：2024-041 三生国健药业（上海）股份有限公司 2024 年第三次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 9 月 9 日 （二） 股东大会召开的地点：中国（上海）自由贸易试验区李冰 路 399 号公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的 优先股股东及其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 56 | | --- | --- | | 普通股股东人数 | 56 | | 2、出席会议的股东所持有的表决权数量 | 537,373,215 | | 普通股股东所持有表决权数量 | 537,373,215 | | 3、出席会议的股东所持有表决权数量占公司表决 | 87.1247 | | --- | --- | | 权数量的比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量 ...

法律意见书 国浩律师(上海)事务所 关于三生国健药业(上海)股份有限公司 2024 年第三次临时股东大会的 法律意见书 致:三生国健药业(上海) 股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》(以下简称"《证券法》")和中国证券监督管理委员会《上市 公司股东大会规则》(以下简称"《股东大会规则》")的规定,国浩律师(上 海)事务所接受三生国健药业(上海)股份有限公司(以下简称"公司")董事 会的聘请,指派律师现场见证了公司于 2024年 9 月 9日 10:00 起在中国（上海) 自由贸易试验区李冰路 399 号公司会议室召开的公司 2024 年第三次临时股东大 会,并依据有关法律、法规、规范性文件的规定以及《三生国健药业(上海)股 份有限公司章程》（以下简称"《公司章程》"）的规定,对本次股东大会的召 集、召开程序、出席人员资格、大会表决程序等事宜进行了审查,现发表法律意 见如下: 一、股东大会的召集、召开程序 国浩律师(上海)事务所 公司董事会已于 2024 年 8 月 23 日在中国证监会指定信息披露网站上向公司 股东发出了召开 2024年第三次临时股东 ...

证券代码：688336 证券简称：三生国健 公告编号：2024-042 三生国健药业（上海）股份有限公司 第五届监事会第一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 监事会会议召开情况 三生国健药业（上海）股份有限公司（以下简称"公司"）第五 届监事会第一次会议通知于 2024 年 9 月 9 日以电话、电子邮件、专 人送达等方式送达全部监事。公司全体监事一致同意豁免本次会议通 知时间要求会议于 2024 年 9 月 9 日以通讯和现场结合方式召开。会 议应到监事 3 名，实到监事 3 名。会议由全体监事推举曹虹女士主持， 本次会议的召集与召开程序、出席会议人员资格及议事和表决程序符 合《中华人民共和国公司法》和《三生国健药业（上海）股份有限公 司章程》的有关规定。 二、 监事会会议审议情况 经与会监事表决，审议通过《关于选举公司第五届监事会主席的 议案》 公司第五届监事会同意选举曹虹女士为第五届监事会主席，任期 自本次监事会审议通过之日起至本届监事会任期届满之日止。 表决结果：同意票 3 票、反 ...

证券代码：688336 证券简称：三生国健 公告编号：2024-040 三生国健药业（上海）股份有限公司 关于选举职工代表监事的公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 2024 年 9 月 7 日 2 三生国健药业（上海）股份有限公司（以下简称"公司"）第四 届监事会任期已经届满。根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《上海证券交易所科创板股票上市规则》、《三 生国健药业（上海）股份有限公司章程》（以下简称"《公司章程》"） 等相关规定，公司于 2024 年 9 月 6 日召开职工代表大会，会议的召 开及表决程序符合职工代表大会决策的有关规定，会议经民主讨论、 表决，全体职工代表一致审议通过了《关于选举第五届监事会职工代 表监事的议案》，同意选举田丽女士、吴晶女士（简历详见附件）为 公司第五届监事会职工代表监事。 根据《公司章程》的规定，公司监事会由三名监事组成，其中一 名非职工代表监事将由公司股东大会选举产生，两名职工代表监事由 公司职工通过职工代表大会民主选举产生。本次 ...